Bankrupt Buccaneer Energy Ltd. is demanding more than $20 million from the State of Alaska, days after appearing to sell its remaining assets.
There is a new suitor for Buccaneer Energy's Alaska assets and a tangled web of legal challenges continue for the bankrupt independent producer. Miller Energy Resources Inc.
Buccaneer Energy Ltd. and its family of subsidiaries filed for bankruptcy in May, leaving millions worth of unpaid bills in Alaska. The Australia-based independent's debt in the state is more than $2.
A federal South Texas Bankruptcy Court has ruled that Cook Inlet Region Inc. can continue its quest through the Alaska Oil and Gas Conservation Commission for natural gas royalties from the state and Buccaneer Energy.
A dispute over natural gas rights and royalties is on hold as the producer works out its finances in a South Texas Bankruptcy Court. Representatives for Houston-based Buccaneer Energy, Cook Inlet Region Inc.
Buccaneer Energy, Cook Inlet Region Inc., and the State of Alaska will be back before the Alaska Oil and Gas Conservation Commission July 7 to duke it out once more over gas royalty rights from Buccaneer's Kenai Loop well pad.
Buccaneer Energy, an independent Cook Inlet explorer with high hopes but skimpy resources, saw those hopes come crashing down May 31. The company filed for Chapter 11 bankruptcy protection that day in a U.S. Bankruptcy Court in south Texas.
A dispute between Buccaneer Energy, Cook Inlet Region Inc. and the State of Alaska over natural gas royalties from Kenai Peninsula wells could be resolved within a month, according to the Alaska Oil and Gas Conservation Commission.
Cook Inlet Energy struck oil with its Sword No. 1 well located on the western side of Cook Inlet. According to the statement of discovery received by the Division of Oil and Gas on Dec. 19, 121.
Buccaneer Energy, an Australia-based independent company exploring for oil and gas in Cook Inlet, has suspended its CEO Curtis Burton and asked that trading of its shares on the Australian stock exchange be suspended while a restructuring of the company's finances is accomplished. The events appear connected with a series of problems Buccaneer has encountered with its Cook Inlet program that were complicated when a major investor failed to provide money that had been promised last year.
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